MANILA, Philippines (AFP) — Swiss food giant Nestle said Tuesday it would spend two billion pesos ($43 million) in the Philippines on a plant to produce a key ingredient for its Milo beverage.
Nestle Philippines chairman Jacques Reber said the plant, due to be completed in October 2017, would produce a malt extract currently imported from Singapore.
Eventually the new plant will provide the local supply, possibly using Philippine-grown cassava which in turn will help Filipino farmers, Nestle said in a statement.
Nestle already has five plants in the Philippines and has invested almost 14 billion pesos in the country over the last five years, the company said.
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